BUSINESS & ECONOMY
Access Holdings To Launch N351bn Rights Issue To Revamp Capital Base In July
Access Holdings Plc signed a formal agreement to raise a total of 351,009,103,017.25 (Three hundred and fifty-one billion, nine million, one hundred and three thousand, seventeen naira and twenty kobo) Rights Issue to shareholders.
The Offer is part of the Group’s strategy to improve working capital, which includes organic growth funding for its banking and non-banking subsidiaries.
The signing occurred at Access Tower, Access Holdings’ corporate office in Lagos.
At its 2nd Annual General Meeting (AGM) on Friday, April 19, the group’s shareholders approved its plan to carry out a capital raising programme of approximately US$1.5 billion, as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to shareholders.
Under the Rights Issue, 17,772,612,811 (seventeen billion, seven hundred and seventy-two million, six hundred and twelve thousand, eight hundred and eleven) ordinary shares of N0.50 each will be issued at N19.75 per share, with one new ordinary share for every two existing ordinary shares held on Friday, June 7, 2024.
At the signing ceremony, Bolaji Agbede, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, stated: “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan.” The additional capital will enable us to capitalise on emerging opportunities and deliver long-term value to our shareholders.
Chapel Hill Denham is the Lead Issuing House for the Offer, and Atlas Registrars Limited will serve as Registrars throughout the process.
Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa, and Meristem Capital are the joint issuers.
Other parties to the Offer are Coronation Merchant Bank, Coronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, Cowry Securities, First Integrated Capital Management Ltd, Network Capital Ltd, CSL Stockbrokers Limited, Compass Investment & Securities Ltd, PAC Securities Limited, Dynamic Portfolio, Chartwell Securities Limited, Tiddo Securities Limited, and Futureview Securities Limited.
Subject to approval of the Securities and Exchange Commission (SEC), the acceptance and application lists for the Rights Issue are expected to open on Monday, July 8 and close on Thursday, August 8, 2024.
The Rights Circular for the Issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Group. Printed copies of the Participation Form can also be obtained at any Access Bank branch and the offices of the Issuing Houses during the Offer Application Period.
All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.
-
CRIME3 years ago
PSC Dismisses DCP Abba Kyari, To Be Prosecuted Over Alleged $1.1m Fraud
-
FEATURED3 years ago
2022 Will Brighten Possibility Of Osinbajo Presidency, Says TPP
-
FEATURED2 years ago
Buhari’s Ministers, CEOs Should Be Held Accountable Along With Emefiele, Says Timi Frank
-
BUSINESS & ECONOMY1 year ago
Oyedemi Reigns As 2023’s Real Estate Humanitarian Of The Year
-
SPORTS11 months ago
BREAKING: Jürgen Klopp Quits Liverpool As Manager At End Of Season
-
SPORTS1 year ago
Could Liverpool Afford Kylian Mbappe For €200 million? Wages, Transfer Fee
-
ENTERTAINMENT1 year ago
Veteran Nigerian Musician, Basil Akalonu Dies At 72
-
FEATURED1 year ago
Tribunal Judgement: Peter Obi Warns Of Vanishing Electoral Jurisprudence, Heads To Supreme Court
-
BUSINESS & ECONOMY1 year ago
Oyedemi Bags ‘Next Bulls Award’ As BusinessDay Celebrates Top 25 CEOs/ Business Leaders
-
FEATURED3 years ago
2023 Presidency: South East PDP Aspirants Unite, Demand Party Ticket For Zone